The Overseas Investment Amendment Act 2018 has now received Royal Assent and will come into force on 22 October 2018 together new regulations. Transactions entered into before this date are not subject to the changes.
The Act makes significant changes to overseas ownership of land in New Zealand. The changes will prevent certain overseas people from buying residential property in New Zealand. New Zealand, Australian or Singaporean citizens and residents, who are also ordinarily resident in New Zealand, are not overseas persons.
The new rules apply to land that is categorised as ‘residential’ or ‘lifestyle’ under the District Valuation Roll (Council rating roll).
Todd & Walker Law has prepared a summary of the Act and the new regulations and a flow chart explaining the new consent pathways under the Act.
Should you need any advice on the impacts of the new legislation please contact the property law experts.